Revaluations, However, Come as Metal Hits Highest Level in Three Months

A host of the world's largest gold miners slashed the size of their reserves and announced further asset write-downs, highlighting the extent of the damage that last year's 28% drop in the price of gold has inflicted on the sector.

But the revaluations came as gold hit its highest level in three months, as weaker-than-expected U.S. economic data bolstered the case for a slower rollback of the Federal Reserve's bond-buying program....